Anthropic, the US company that develops the Claude artificial intelligence models, is heading for the Nasdaq under the ticker ANT, and the listing would make roughly 4,250 of its employees millionaires. That is about 80% of the workforce, according to estimates from Hill, a platform that tracks private-market transactions. Counting the seven co-founders, the figure rises to 4,257.
The company is aiming to debut before Thanksgiving, which this year falls on November 26, according to Bloomberg. Several accounts point to the week of November 16 as a possibility.
What the SEC filing says
Anthropic made its listing prospectus, the S-1 form, public on October 26, 2026. The document describes growth that is rare even by Silicon Valley standards.
As of September 30, 2026, the company had about 5,300 employees, against roughly 940 at the end of 2024. Revenue in the first half of 2026 reached $16.29 billion, compared with $1.16 billion in the same period a year earlier.
The filing still lacks a price range and the number of shares on offer.
A valuation that is coming down
How many millionaires the listing actually creates depends on the offering price, and on that front the mood has shifted in a matter of weeks. In early October, investors were floating a valuation of $2 trillion. The range communicated to the banks then settled between $1.4 trillion and $1.5 trillion.
On Friday, November 6, Bloomberg reported that some potential investors are now working with a figure between $1.2 trillion and $1.3 trillion. The firmest reference point remains the last private round, the Series H announced in late May, which raised $65 billion at a post-money valuation of $965 billion.
Hill’s projections, as reported, rest on a $1.5 trillion valuation and should be read as a scenario, not a settled calculation. At that level, roughly 50 people would clear $100 million, about 1,200 would land between $10 million and $99 million, and about 3,000 between $1 million and $9 million.
A lower price would flatten that pyramid as well. Some employees now just above the million-dollar threshold would risk slipping below it.
For comparison, Hill credits SpaceX with about 4,400 millionaires; it listed in June at a valuation of roughly $1.77 trillion. The difference lies in the proportions: Elon Musk’s company has a far larger workforce, while at Anthropic the wealth would be spread across a smaller and therefore more concentrated group.
What the seven co-founders’ stakes are worth
At the top of the pyramid sit Dario Amodei and Daniela Amodei, along with the other five co-founders: Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Chris Olah. The ownership table in the S-1, updated to September 30, 2026, gives each of them about 240 million Class A shares, a combined stake close to 10% of the capital.
At the price of the last private round, $58.90 per common share after September’s stock split, each package is worth between $13.7 billion and $14.4 billion. Fortune calculates that a market valuation near $2 trillion could double that, though at the levels now under discussion the increase would be more modest.
The founders’ weight goes well beyond capital. Through a jointly held entity, the Founder LLC, they control a single Class F share, which carries no economic rights but holds 50.1% of the votes on matters put to shareholders.
The majority of the board of directors is elected instead by the Long-Term Benefit Trust, an independent body that holds the Class T share. The Class A shares destined for the market can never account for more than 49.9% of the votes in total.
The pledge to give away 80%
In January 2026, the seven co-founders committed to directing 80% of their wealth to philanthropy, and the S-1 restates the pledge as applying to 80% of their respective stakes in Anthropic. By Fortune’s calculations, the commitment could be worth nearly $80 billion.
The prospectus calls these voluntary and revocable statements of intent, not legal obligations. It also warns that the donations will reduce the founders’ economic interest without affecting their control of the votes.
Dario Amodei has built part of his public image on the risks of wealth generated by artificial intelligence. In an essay published in January, he wrote that what should worry people is ’a level of wealth concentration that will break society.’
Axios reported, and Fortune picked up, that the chief executive also fears such powerful financial incentives make it harder to retain people who work at the company for the mission rather than for the money.
When employees will be able to sell
Paper wealth will not turn into cash in the bank right away. The S-1 sets out a staggered lock-up, different from the classic 180-day wait.
Non-founder directors, executives and some employees and former employees can sell up to 10% of their restricted shares from the first day of trading, and a further 35% after full-year 2026 results are published. The rest is released after first-quarter 2027 results or on the 180th day, whichever comes first.
The co-founders wait longer. Their restriction lasts until third-quarter 2027 results or until the 365th day, whichever comes first.
Taxes follow. The listing converts RSUs that have already vested, meaning shares promised to employees as part of their compensation, into actual stock, taxed in the United States as ordinary income at that day’s value.
Anthropic has indicated in the prospectus that it will withhold a portion of the shares due to employees and use part of the offering proceeds to pay the withholding taxes tied to this conversion.
For thousands of people, the day of the debut will mark the start of a long series of decisions about when and how much to sell.
Editor’s note
This article was originally published in Italian on money.it by Flavia Provenzani on November 08, 2026 as «Con l’IPO di Anthropic, quattro dipendenti su cinque potrebbero diventare milionari». It has been translated and adapted for an international audience by the Money.it International desk.
